this is a bubble.

[kokjo]

tulips, .com, and june '11. FUCK ALL, UP UP UP!

continue ahead euphoric lemmings.

[zeroday]

Just imagine what can happen to BTC price if MTGOX goes bankrupt after Japan government decide to go "the Cyprus way" making "haircuts" from current accounts and freeze all assets in the banks.

[chmod755]

The value could be 100 now and it is a real value because that's what people are willing to buy it for.

You can't say that, because there are currently more people willing to sell BTC below 100 - even if some people are willing to pay 100, 1m or more it doesn't mean that everyone agrees with it (e.g. some miners are probably selling at this price)

[kgo]

It is starting to look like we could got parabolic.  And according to MagicalTux there are 5000 people waiting for approval so they can start buying, and MtGox only gets through 400 a day.  If these people won't freak out because they weren't able to buy for a week, the price could really go parabolic.

Last bubble started at 1 and went to 32.  This one started at 10.

[yokosan]

Just imagine what can happen to BTC price if MTGOX goes bankrupt after Japan government decide to go "the Cyprus way" making "haircuts" from current accounts and freeze all assets in the banks.

Their Japanese account is only used for Japanese deposits, of which there are hardly compared to the rest of the world.

[zeroday]

Just imagine what can happen to BTC price if MTGOX goes bankrupt after Japan government decide to go "the Cyprus way" making "haircuts" from current accounts and freeze all assets in the banks.

Their Japanese account is only used for Japanese deposits, of which there are hardly compared to the rest of the world.

Really? But where do you think USD wires go ?

[Peter Lambert]

I tend to agree that the price movement is much more representative of a bubble then anything else. 

The last time we went through a bubble, in 2011, the price leveled out about 5x where it started. So maybe the price will sink back to 50 USD per BTC?

[klee]

To Bubble Bobble fans:

MAN THE FUCK UP! Don't act like girlie man, if you are afraid sell and get out of here enough of this crap....

[EnergyVampire]

once anyone can naked short sell BTC, these bubbles will pop real quick  

Naked short sellling Bitcoins is bad, m'kay.   I get you though  

Well, at a rate of 3600 new coins mined every 24 hours the market can maintain $75 USD with at least ~$250K of new funds coming into the exchanges on average per day. Assuming the miners sell their coins with the current +20% return above cost per month, at these prices even GPU mining is profitable.

If people start cashing out for good, things will get ugly pretty fast since there is probably not enough fiat in the exchanges for the ~11 Million coins outstanding. (At least I highly doubt there is $825 Million USD standing by).

The rapid increase in difficulty with the 1st batch of Avalons makes P/L estimates for miners more difficult. A rough estimate of all GPU miners converting to ASICs would put the network hashrate near the 1 Petahash mark. Time will tell though because Avalon threw miners a curve ball by pricing new units in BTC instead of USD.

But as long as new funds are arriving at the exchanges and everyone is drinking the kool-aid then we are good to go.  

[justusranvier]

Naked short selling is a type of fraud although it's usually not acknowledged as such by legal systems.

Not that I'm surprised about that since legal systems are created by organizations funded by theft.

[dego]

Bubble. Have you seen how quickly the price dropped last weekend? Now wait for next weekend...

Already the Cyprus story was a good hoax. Do you really think that people in Cyprus, Spain etc. who are threatened to loose 10% of their money would invest it right into the most volatile currency/stock on the planet? They risk to loose much more than 10% over night.

Right now the "Iran to sell crude oil for BTC" is served. Never heard more bullshit in one sentence. Does Iran have a BTC wallet on MtGox?

Price goes up, because people want it to raise. As soon as the first big players beginn to cash in, price will fall back under 50$ again...

[mai77]

Naked short selling is a type of fraud although it's usually not acknowledged as such by legal systems.

Not that I'm surprised about that since legal systems are created by organizations funded by theft.

indeed. also known as the "craw principle"

[EnergyVampire]

Naked short selling is a type of fraud although it's usually not acknowledged as such by legal systems.

Not that I'm surprised about that since legal systems are created by organizations funded by theft.

Actually you are right, naked short selling is illegal according to the U.S. Securities Exchange Commission since the crash of 1929. But apparently the SEC doesn't enforce their own laws nor do they shut down brokerages that allow their customers to do so.

[justusranvier]

But apparently the SEC doesn't enforce their own laws nor do they shut down brokerages that allow their customers to do so.

Laws exist to benefit the State and people on this list. Only suckers think laws apply to everybody.

[VeeMiner]

the price can not go up by 400% in only 10 weeks, price cannot go exponential.
i don't care about the people from Cyprus, or anywhere else.
anyone who says otherwise are euphoric tards, and are gonna lose money soon.

im not saying that bitcoin is going to die, only that there is coming a major correction soon.
bitcoin will be prepared for these prices in about 1-2 years.


note: im holding ~50/50 usd and btc, at current prices. so that im ready to buy when it goes down, and so that i does not cry if the price hits 200.

it just hit 220

[edmundedgar]

Just imagine what can happen to BTC price if MTGOX goes bankrupt after Japan government decide to go "the Cyprus way" making "haircuts" from current accounts and freeze all assets in the banks.

What's much more likely is that the Japanese police will show up at MtGox headquarters one day with a bunch of cardboard boxes and some kind of bafflingly obtuse misunderstanding and start impounding things, like they did with Mirai Kensaku Brazil. If they're set up properly Mt Gox should be able to survive this, but I hope they've had time to make decent contingency plans...

[Mageant]

It doesn't matter if this is a bubble.

The long-term prospects of Bitcoin are still very bullish.

It's only a matter of time before the Bitcoin economy catches up with the current evaluation.

[solomon]

The log scale is your friend

[Adrian-x]

Just imagine cinppen to BTC price if MTGOX goes bankrupt after Japan government decide to go "the Cyprus way" making "haircuts" from current accounts and freeze all assets in the banks.

What's much more likely is that the Japanese police will show up at MtGox headquarters one day with a bunch of cardboard boxes and some kind of bafflingly obtuse misunderstanding and start impounding things, like they did with Mirai Kensaku Brazil. If they're set up properly Mt Gox should be able to survive this, but I hope they've had time to make decent contingency plans...

This morning I woke up to a new high, and to see MtGox is still the biggest exchange.

And.... I thought those Japanese economist brilliant! They will devalue there currency but maintain there balance of payments by creating demand for USD, and people will sen  USD to Japan in huge quantities. MtGox is a Japanese Asset.

[dg2010]

MTGOX is definitely the weak link.

We seriously need some diversification. If not from the Japanese government, how about earthquakes?